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The global Welding Consumables Market is estimated to be valued at US$ 15.92 Bn in 2023 and is expected to exhibit a CAGR of 5.8% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Overview:
Welding consumables refer to the materials and electrodes used for joining or fusion welding processes such as shielded metal arc welding (SMAW), gas tungsten arc welding (GTAW), gas metal arc welding (GMAW), flux-cored arc welding (FCAW), plasma arc welding (PAW), and braze welding. Key welding consumables include welding wires, welding electrodes, welding filler metals, and welding fluxes. Welding finds applications across various end-use industries such as automotive & transportation, building & construction, marine, oil & gas, and others for fabrication purposes. Growing adoption of advanced welding technologies across manufacturing sectors is driving the growth of the welding consumables market.
Market key trends:
One of the key trends in the welding consumables market is growing demand for flux-cored arc welding (FCAW) consumables. FCAW contributes to around 15-25% share of the overall welding market and demand is growing due to advantages such as higher deposition rate and ease of use compared to other welding processes. Another major trend is increasing focus on development of aluminum and stainless steel welding consumables. This is attributed to growing applications of aluminum and stainless steel in various end-use industries. Research is ongoing for developing high-performance aluminum and stainless steel welding consumables to meet the evolving requirements across different welding applications.
Porter’s Analysis
Threat of new entrants: The welding consumables market requires huge capital investments for setting up manufacturing plants. In addition, established players enjoy economies of scale and brand recognition that pose significant barriers for new entrants.
Bargaining power of buyers: Buyers have moderate bargaining power in the welding consumables market due to the availability of substitutes. However, brand loyalty and quality differentiation provided by established players limit switching.
Bargaining power of suppliers: The welding consumables market has a fragmented supplier base with no single supplier accounting for a major share. This reduces suppliers’ bargaining power.
Threat of new substitutes: There exists a low threat of substitutes as welding finds application across diverse industries where alternative joining technologies cannot replace it entirely.
Competitive rivalry: The welding consumables market is highly competitive due to the presence of numerous regional and global players. Price wars and new product launches are common.
Key Takeaways
The global welding consumables market is expected to witness high growth, exhibiting CAGR of 5.8% over the forecast period, due to increasing infrastructure development and automation across industrial sectors.
Regional analysis: Asia Pacific dominates the global welding consumables market, owing to swift industrialization and expanding automotive and construction industries in China, India, and other developing economies. China accounts for over 35% of the global welding equipment demand.
Key players: Key players operating in the welding consumables market are Voestalpine AG, Arcon Welding Equipment, Colfax Corporation, Kemppi Oy, The Lincoln Electric Company, Tianjin Bridge Welding Materials Co., Ltd., Air Liquide, Fronius International GmbH, Hyundai Welding Co., Ltd., Denyo Co., Ltd., Obara Corporation, Illinois Tool Works Inc., Panasonic Corporation, and others. Voestalpine AG specializes in high-quality wires, electrodes, and fluxes. Arcon Welding is a global supplier of welding equipment and consumables.
